Block Inc. Initiates Workforce Reductions as Part of Strategic Plan to Trim Staff by 10%

The blockchain and payments giant, led by Jack Dorsey, embarks on layoffs and restructuring as outlined in its 2024 staff reduction strategy.

Block Inc., spearheaded by Twitter co-founder Jack Dorsey, has officially commenced staff layoffs this week, aligning with the company's previously announced initiative to reduce its workforce by up to 10% by the close of 2024, confirmed to CoinDesk.

The conglomerate, encompassing entities like Square Inc., Cash App, Tidal, and the bitcoin-focused division TBD, disclosed during an earnings call in the preceding year its plan to trim its workforce from 13,000 in the third quarter of 2023 to an "absolute cap" of 12,000 by the conclusion of this year.

In a November memo addressed to Block employees, Jack Dorsey elucidated the rationale behind the move, citing, "the growth of our company has far outpaced the growth of our business and revenue."

Although the exact scale of the recent workforce reductions remains undisclosed to CoinDesk, the company affirms that the overarching targets persist unchanged. The reduction will be implemented progressively, combining performance adjustments with various organizational realignment measures.

Block, previously recognized as Square before its 2021 rebranding, underscored a strategic shift toward blockchain technology. Following Dorsey's departure from the CEO position at Twitter in 2021, he retained his position at Block, consistently expressing pro-bitcoin sentiments.

(Photo Source / Block Inc.)